ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the equation for Total Revenue
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Price times Quantity Demanded
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Price divided by quantity demanded
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Quantity demanded divided by price
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Quantity supplied times price
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Explanation:
Detailed explanation-1: -Review: Total revenue is price times quantity demanded: TR = P x Q.
Detailed explanation-2: -To calculate total revenue, multiply the number of units sold by the consumer price of each item.
Detailed explanation-3: -The inverse demand function can be used to derive the total and marginal revenue functions. Total revenue equals price, P, times quantity, Q, or TR = P×Q. Multiply the inverse demand function by Q to derive the total revenue function: TR = (120-. 5Q) × Q = 120Q-0.5Q².
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